【Daily】6 Apr. Brief of Pak BizNews

-Daily Market-

KSE 100 43,928.1 ▲ 0.06%

KMI 30 70,731.4 ▼ 0.05%

KASB Tech Index 286.1 ▼ 0.49%

KASB Market View

·       Political uncertainty, higher commodity prices along with weakening currency would continue to dent the investor’s sentiments.

·        Cyclical stocks are expected to come under pressure. While investors will prefer to accumulate value stocks at cheap valuations.

National News

Second phase of CPEC; Chinese shelve investment plans due to political uncertainty

Chinese investors have reportedly put billions of dollar investment on ice, planned for second phase of China Pakistan Economic Corridor (CPEC), due to political uncertainty in Pakistan, well informed sources told Business Recorder.

https://epaper.brecorder.com/2022/04/06/1-page/925030-news.html

Cut in prices of petrol, diesel; PM’s relief package termed ‘unsustainable’

The prime minister’s relief package of 28th February 2022 envisaging Rs 10 per litre cut in petrol and diesel prices for the next four months is financially unsustainable and is projected to cost Rs 63 billion every fortnight (subsidy and in lost revenue).

https://epaper.brecorder.com/2022/04/06/1-page/925032-news.html

Pakistan to import 32.7 million barrels oil under SFD programme

Pakistan will import around 32.7 million barrels of crude oil, during the year 2022, under an agreement signed with the Saudi Fund for Development (SFD) to meet its needs of petroleum products on deferred payment.

https://www.thenews.com.pk/print/947799-pakistan-to-import-32-7-million-barrels-oil-under-sfd-programme

NPCC alerts govt; Fuel paucity may severely hit power plant operations

While ringing bells on shortage of fuel stocks, National Power Control Centre (NPCC) has cautioned the government that operations of power plants will cease if immediate measures are not taken to make required fuel available.

https://epaper.brecorder.com/2022/04/06/12-page/925129-news.html

Sahulat Account simplifies access of investors to Stock Market

Investors can invest on Pakistan Stock Exchange (PSX) through the highly simplified Sahulat Account. The Sahulat Account provides exceptional ease of account opening for investors whereby they can open a Sahulat Account by only submitting their CNIC/ SNIC and start investing up to an amount of  Rs 800,000/-.

https://mettisglobal.news/sahulat-account-simplifies-access-of-investors-to-stock-market/

Political vacuum makes IMF noncommittal on next tranche

In the wake of heightening political temperature in Pakistan, the IMF-sponsored $6 billion programme has turned into a stalled mode, with no possibility for approval of the next tranche within the ongoing month.

https://www.thenews.com.pk/print/947573-political-vacuum-makes-imf-noncommittal-on-next-tranche

Rebasing to boost economy’s size to Rs63.9tn

The existing size of the country’s economy will increase to around Rs63.9 trillion from the earlier projection of Rs53.8 trillion for this fiscal year courtesy of rebased national accounts.

https://www.thenews.com.pk/print/947800-rebasing-to-boost-economy-s-size-to-rs63-9tn

PKR loses further 1.1 rupees against USD

Enduring a free fall owing to the ongoing political unrest, the Pakistani rupee (PKR) depreciated by 1.1 rupees against the US dollar in today's interbank session as the currency closed the day's trade at PKR 185.23, compared to the previous closing of PKR 184.09 per USD.

https://mettisglobal.news/pkr-loses-further-1-1-rupees-against-usd/

Kia Suspends Bookings for Its Best-Selling Vehicles

According to a recent notification, Kia has suspended the bookings for all variants of Picanto, Sportage, and Stonic. The company is taking bookings for Sorento, Carnival, and strangely, Stonic’s Completely Built-Up (CBU) units.

https://propakistani.pk/2022/04/05/kia-suspends-bookings-for-its-best-selling-vehicles/

Five locally-produced; steel goods Minimum value of supply increased

The Federal Board of Revenue (FBR) has increased the minimum value of supply of five locally-produced steel goods, which would raise the incidence of sales tax on these products.

https://epaper.brecorder.com/2022/04/06/1-page/925026-news.html

Russia comes to PM’s ‘rescue’; US held responsible for political chaos

Russian foreign ministry spoke for the first time since Prime Minister Imran Khan accused the United States of backing a move to oust him and said that all the developments before and after Pakistan PM’s Russia visit point to the fact that United States decided to “punish disobedient” Imran Khan for not cancelling his February visit to the country.

https://epaper.brecorder.com/2022/04/06/1-page/925028-news.html

ECP looking for ways to hold elections in 90 days

Following the announcement by Prime Minister Imran Khan of general elections in 90 days, the Election Commission of Pakistan, which is already functioning with three members including the chief election commissioner, is looking for ways to make it possible.

https://www.thenews.com.pk/print/947738-ecp-looking-for-ways-to-hold-elections-in-90-days

Commodities and Currency: 1-Day Change